Lemaitre Vascular (LMAT) FY2025 results: revenue $250 million, up 13.5% on the year
Lemaitre Vascular Inc. (LMAT) reported revenue of $250 million for fiscal 2025, the year ended 31 December 2025, up 13.5% on the year before. Net income was $58 million, up 31.1%, and diluted earnings per share $2.52. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$250 million
+13.5% on the year
FY2018FY2025
Operating margin
27.2%
23.8% a year earlier
FY2018FY2025
Net income
$58 million
+31.1% on the year
FY2018FY2025
Diluted EPS
$2.52
+30.6% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 2 raised, 10 new.
Sales grew 16% in Q4: Q4 net sales were $64.5mm, up from $55.7mm a year earlier. Adjusted for currency and divestitures, sales grew 15%.
Operating income rose 47%: Operating income was $18.8mm, up from $12.9mm, and operating margin was 29%.
EMEA sales grew 29%: EMEA sales were $19.7mm, up from $15.3mm. APAC sales were $4.6mm, up from $3.8mm. Americas sales were $40.2mm, up from $36.6mm.
Product lines drove Q4 growth: Grafts, valvulotomes and carotid shunts were the product lines management named as drivers of Q4 sales growth.
Gross margin rose on pricing: Q4 gross margin was 71.7%, up 240 basis points, which management attributed to higher average selling prices and manufacturing efficiencies.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
81.3
44.1
36.8
+84.1%
Capital expenditure
6.8
7.0
7.3
-2.6%
Free cash flow
74.5
37.2
29.5
+100.4%
Free cash flow margin
29.8%
16.9%
15.2%
Cash from investing
-64.9
-200
-24.7
Cash from financing
-14.5
158
-7.1
Depreciation and amortisation
10.4
9.6
9.5
+8.4%
Share-based compensation
7.8
6.6
5.3
+19.2%
Buybacks
1.8
1.7
0.9
+5.9%
Dividends paid
18.1
14.4
12.4
+25.9%
Dividend per share
$0.80
$0.64
$0.56
+25.0%
Diluted shares, weighted
23m
23m
22m
+0.7%
Shares outstanding at period end
23m
23m
n/a
+1.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
394
337
298
+16.7%
Debt
169
168
0.0
+0.5%
Operating lease liabilities
14.0
15.2
16.6
-8.1%
Other liabilities
39.5
31.5
32.3
+25.4%
Total liabilities and equity
616
552
347
+11.6%
Fixed assets
27.0
24.8
21.8
+8.9%
Goodwill
65.9
65.9
65.9
0.0%
Intangible assets
33.1
35.8
41.7
-7.6%
Investments
331
274
80.8
+20.7%
Cash and equivalents
28.2
25.6
24.3
+10.3%
Receivables
33.6
30.1
25.1
+11.8%
Other assets
96.9
95.5
87.2
+1.5%
Total assets
616
552
347
+11.6%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.